Rental income is now based on 130% of a notional rate of 5% and the Society has made a simple to use Buy to Let calculator available for intermediaries on its website.
Main Features of the 2 Year Buy to Let products include a 2.99% payment rate, based on a 2.6% discount from the current SVR for 2 years, at a maximum 70% LTV. They come with free valuations and legal fees on remortgage. The products come with a minimum loan size £50,000 and a maximum loan size £300,000 (single property) £500,000 with multiple applications.
According to Mike Taylor, Sales & Marketing Manager at The Mansfield, the BTL market is an important sector for the Society.
He said:
“We have kept a close eye on developments in this important business channel and have responded with purchase and remortgage products offering great value to landlords. On the remortgage side we are offering a free valuation and legal fees package, which not only simplifies the process but also reduces the costs of the transaction, particularly for landlords with multiple properties. On top of that we are making it easier for advisers to calculate rental income support with our new rental calculator.”
“The fact that we are passionate believers in the value of individual underwriting by highly experienced specialists has not been lost in the Buy to Let sector."
